Understanding The Pros & Cons Of Pet Insurance

When it comes to taking care of a pet, owners just want to do everything possible in order to ensure their furry friend has a great life. However, as hard as we may try, there are times when our pets will have to go to the vet.

In instances where pets need routine or even emergency care, the last thing owners want to be faced with is money problems. Nothing is more heartbreaking than having to say goodbye to a pet simply because you don’t have the finances needed to help them.

One such way to work around this gut-wrenching choice is to look into pet insurance. Like everything in life, there are associated pros and cons. However, with an increase in competition in this market, coverage is now broader than ever before.

Understanding Pet Insurance

Much like human health insurance, pet insurance is coverage that helps to pay expenses associated with taking your pet to the vet. Under a pet insurance policy, a portion of all eligible vet bills is covered, up to a previously agreed-upon amount.

Once policy type and the relevant premium are agreed upon, owners can then receive coverage for certain medical procedures and checkups conducted on their pet. It is important to note that pet insurance claims operate with reimbursements.

This means that, at the time of payment, you must cover the vet bill. From there, you will make a claim with the insurance provider who will determine the portion of the expenses that they will reimburse you for.

Types Of Pet Insurance

When determining pet insurance coverage, there will typically be a choice between three plans: accident, illness, and wellness. These different coverage options provide owners with the ability to choose an appropriate plan.

The first coverage type, accident, will only provide protection should your pet be accidentally injured. For instance, this might include a bite wound or instances where your pet ingests something toxic.

The second coverage type, illness, will provide financial assistance if your pet requires treatment for illnesses. These illnesses could be both major and minor such as cancer or tick removal and treatment.

The last coverage type encompasses wellness. This includes preventative care. For example, a wellness pet insurance policy will provide financial assistance for vaccinations and routine vet appointments.

Pros Of Pet Insurance

A pet insurance policy can provide both pets and owners with an array of different benefits. For owners, pet insurance provides a certain level of peace of mind. For pets, it means that there are no barriers to receiving quality care. 

Visit your favourite vet

As the reimbursement process is between owners and the pet insurance provider, there are no limitations placed on visiting certain vets. This means that you can choose to visit someone you know or someone recommended to you by other pet owners.

Financial assistance

Typically, pet insurance will cover between 70% and 90% of the overall vet bill. This is a great help to individuals. Rather than coming up with 100% of costly routine examinations or surgeries, owners are only required to pay a portion. 

Peace of mind 

Above all else, pet insurance provides owners with peace of mind. With a pet insurance policy, owners won’t have to consider putting their pets down because they can’t afford the cost of treatment.

Negatives associated with pet insurance

As with anything in life, there are negatives associated with pet insurance. These negatives typically centre around the limiting nature of some policies, coupled with the cost of monthly repayments.

Coverage can be limited

When signing your pet up for an insurance policy, it is best to do so when they are younger. This is because owners with older animals will have higher premiums. Additionally, pre-existing conditions are not covered.

Some plans are expensive

Depending on the level and variety of coverage you would like for your pet, insurance can be costly. Additionally, if your pet only ends up visiting the vet for routine checkups, monthly repayments are essentially wasted as you, fortunately, haven’t needed to use all your coverage.

Upfront costs

While pet insurance does provide financial assistance, owners will still need to pay for upfront costs. Once these have been paid, claims are issued to the insurer for review. This is a negative when you consider that the average cost of treating a dog is $400. As such, owners are out of pocket the full amount until the claim is approved. 

Insurance For Pets

All animals great and small provide owners with so much love, companionship, and joy. In return, owners are tasked with looking after the physical and emotional well-being of their furry friends.

In order to provide this care, owners may look at securing a pet insurance policy. Offering peace of mind, owners must consider the financial costs and how this may or may not impact the care their beloved pet receives.